HENSOLDT AG

HAG

Equity

ISIN DE000HAG0005 / Valor 56875079

Xetra (2026-09-01)

EUR 82.70-3.50%

HENSOLDT AG
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About company

HENSOLDT AG is a prominent German defense technology company specializing in the development and integration of advanced sensor solutions for air and ground defense applications. The company focuses on creating sophisticated optronics, radar systems, and electromagnetic warfare technologies, emphasizing digitalization and interoperability to improve situational awareness and mission effectiveness. In collaboration with partners such as Diehl Defence, HENSOLDT produces software-defined air defense systems designed to counter emerging threats. Additionally, HENSOLDT offers comprehensive lifecycle services, including system integration, support, training, and simulation tools, ensuring the effective deployment and operation of their complex defense solutions.

Summarized from source with an LLMView SourceSector: Finance

Headline financials

HENSOLDT AG (H1 2026): order intake €2,812m; revenue €1,167m; book‑to‑bill 2.4x; adjusted EBITDA €137m (margin 11.8%); adjusted free cash flow -€136m; Group loss €13m (EPS -€0.09).

Segment performance

Sensors: order intake €1,979m (+57.6%), revenue €955m (+16.9%), adjusted EBITDA €113m (11.9% margin). Optronics: order intake €971m (>200%), revenue €219m (+63.2%), adjusted EBITDA €24m (10.9% margin). Optronics benefited from large Puma and Schakal vehicle contracts.

Backlog and book‑to‑bill

Order backlog rose to €10,356m (+17.2% vs year‑end 2025). Book‑to‑bill improved materially to 2.4x (Sensors 2.1x; Optronics 4.4x), indicating strong near‑term revenue visibility.

Profitability and P&L drivers

Adjusted EBITDA increased 28.5% to €137m driven by higher core business volumes and pass‑through activity; EBIT of €34m after D&A and special items. Financial result improved (‑€32m vs ‑€62m in H1 2025), helped by lower term‑loan interest and FX/derivative effects. Income tax expense rose, contributing to the small net loss.

Cash flow and liquidity

Cash and cash equivalents decreased to €589m (from €933m) as free cash flow was negative (€‑255m operating+investing → free cash flow €‑255m; adjusted free cash flow €‑136m). Major cash uses included the €87m purchase price for the Nedinsco acquisition and a €64m dividend for FY2025.

Balance sheet and capital structure

Equity stood at €978m (slight decrease vs €1,002m YE2025). Contract liabilities increased to €1,393m, reflecting advance payments and secured future revenue. Non‑current financing remained significant (term loan and facilities extended to April 2031).

M&A and corporate actions

HENSOLDT AG completed acquisition of the Nedinsco Group (closed 29 May 2026) for €87m cash, adding optomechatronics capabilities to Optronics. HENSOLDT also took a minority stake in Project Q (software‑defined defence) and sold part of its Quantum Systems holding.

Outlook (H1 2026 context)

Management expects FY2026 order intake of €4,125–5,500m, a book‑to‑bill of ~1.5–2.0x, significant revenue growth and a marked increase in adjusted EBITDA versus 2025, while acknowledging uncertainty in project timing and macro conditions.

Risks & opportunities

Key risks: supply‑chain constraints and component price pressure, cybersecurity and US certification requirements, skilled‑labour shortages, and delivery ramp‑up challenges. Key opportunities: elevated defence budgets (Germany, NATO, EU), strong pipeline for air/missile defence and optronics, and positioning in software‑defined and multi‑domain defence solutions.

Summarized from source with an LLMView Source

Key figures

-10.6%1Y

174%3Y

479%5Y

Performance

53.6%1Y

50.9%3Y

50.5%5Y

Volatility